Questions to Ask Before Buying a Condo Installment #1: What is the Condo Fee & What Does it Cover?

This is the first installment in our video blog series on Questions to Ask Before Buying a Condo in Andover and beyond. If you’re thinking about buying a condo in Andover or anywhere in Massachusetts, you’ll want to be informed on every aspect of the property before you purchase it. It’s important that you know just the right questions to ask to uncover any issues before you buy.

What is the Condo Fee & What Does it Cover?

You’ll find that lots of condo associations in Andover and beyond are run differently and the condo fees vary from association to association. Most condominium fees cover exterior maintenance, for example, the siding of the building, the roof of the building, landscaping and snow plowing. But some Andover condominium complex condo fees also cover heat, electric, water, etc. It really depends on the condominium association. The less the condo fee covers it’s likely the less the fee is. It’s really a combination of size of complex, type of amenities, level of quality, and so forth.

Also remember that these fees can go up at anytime and they can go down under certain circumstances. However, it’s very rare I see that happen, typically the condo fee increases. Getting into an association with a fee that has recently increased might give you a little bit of a cushion before an additional increase happens. There is no guarantee on that however, but it’s just some insight that I’ve learned over time.

More Questions to Ask Before Buying a Condo:
1. What is the Condo Fee & What Does it Cover?
2. What are the Condo Rules & Regulations?
3. How Much Money is in the Reserve Account and How Much is Funded Annually?
4. Are There Any Pending Special Assessments?
5. Who Manages the Condo Complex?
6. Is the Condo Association Involved in Any Pending Legal Actions?
7. How Many Condo Units are Owner Occupied?
8. How Many Condo Units are Delinquent on Paying Their Condo Fee?
9. Do Condo Unit Owners Have Exclusive Easements or Right to Use Certain Common Areas?
10. What does the Condominium Complex’s Master Insurance Policy cover?

For over 30 years the Prime Property Team and Ron Carpenito of Keller Williams Realty Andover have been helping home buyers and sellers in Andover, North Andover, Haverhill, and the Merrimack Valley with their real estate goals. If you’re thinking of buying or selling a home anywhere in Massachusetts or know someone who is, contact Ron today at (978)494-0346.

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